Spotify cuts 6% of workforce as tech sector jobs cull continues apace

Spotify has become the latest company in the technology sphere to announce big job cuts, with 6% of the workforce to go in the coming months. The US listed but

Sweden-based music streaming firm said a broader shake-up of its operations would see its chief content officer Dawn Ostroff leave the business. The number of employees set

to depart would total around 600 people - based on the company's last official count. Spotify said it was to take a severance-related charge of between €35m (£30.7m and €45m

(£39.6m). Shares rose by more than 4% in pre-market trading. It is the latest household name to cut large numbers of jobs in a bid to save cash as the global economy

remains under intense pressure from the fallout from Russia's war in Ukraine. The invasion, last February, exacerbated pressures in the global supply chain as it forced up

costs with inflation - and rising interest rates to help tackle the price pressures - denting demand among consumers and business customers alike. Fears remain of a

recession in the world's largest economy. Companies such as Spotify, Google parent firm Alphabet and Facebook's Meta have each reported a slowdown in key advertising

revenues. Spotify had said in October that it would slow down hiring for the rest of the year and into 2023. Microsoft was the latest to reveal major lay-offs last

week, totalling 10,000 personnel.